Selling virtual hats must have ended up being a fairly lucrative business venture, as Valve announced today that it will use the upcoming Gamescom trade show to host "The International," a Dota 2 tournament with a million-dollar first-place prize. Let that sink in for a second. A million dollars.

To put that in perspective, the first-place prize for Starcraft 2 at last weekend's Major League Gaming Pro Circuit was 5 percent of that at $50,000. According to Valve, "the 16 best Dota teams in the world" will compete in a "group stage, double elimination playoff format" competition over the duration of the show. The tournament will also serve as the controversial action-RTS' public debut, and what better way to get some attention than makin' it rain? When asked to comment, Gabe Newell paused briefly in quiet contemplation before eating a handful of real diamonds.

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VALVE ANNOUNCES "THE INTERNATIONAL"

Dota 2 Championships: First Public Showing at Gamescom

August 1, 2011 - Valve today announced The International. This tournament will be the first time Dota 2 is shown in public, and will take place August 17th -21st at Gamescom in Cologne, Germany.

The International features the 16 best Dota teams in the world competing in the Dota 2 Championships through a group stage, double elimination playoff format over the course of Cologne's five-day trade show.

The tournament will be broadcast in four languages (Chinese, German, Russian, and English) free of charge. The winning team will receive $1 million.

"The International is the first public Dota 2 event and will give the tens of millions of gamers playing Dota around the world their first look at the new game," said Gabe Newell, president and founder of Valve. "I have had the good fortune to watch the competitors as they prepare for the tournament, and the level of play is extraordinary."

In addition to the cash prizes awarded by Valve, NVidia is providing all the hardware for the event.

Dota 2 will be available for the PC and Mac later this year. For more information on Valve and its games, please visit http://www.dota2.com/